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BBVA Trims Job-Cut Plans Amid Spanish Government Pushback


BBVA Trims Job-Cut Plans Amid Spanish Government Pushback
Jun 09 2021, 1:16 PM
June 09 2021, 12:25 PM
June 09 2021, 1:16 PM
(Bloomberg) Banco Bilbao Vizcaya Argentaria SA said it will cut 2,935 jobs in Spain, far fewer than originally planned amid weeks of government criticism against lay-offs in the banking sector.
(Bloomberg) Banco Bilbao Vizcaya Argentaria SA said it will cut 2,935 jobs in Spain, far fewer than originally planned amid weeks of government criticism against lay-offs in the banking sector.
BBVA reached an agreement Tuesday with unions, which is a mandatory legal step in Spain, on the job cuts in a process that will cost about 960 million euros ($1.2 billion) before taxes, the Madrid-based lender said in a statement. The cuts, which include closing 480 branches, will lead to a reduction in the bank’s main regulatory capital ratio of about 28 basis points. ....

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